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Hong Kong market rose on the strength of consumption stocks, as the HK Government issued consumption vouchers.
The Hong Kong market opened lower on Monday. Hang Seng index lost 64 points. H share index lost 34 points and technology index lost 25 points. HSBC rose 2.1% for 37-point gain to l...
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Hong Kong market rose on the strength of consumption stocks, as the HK Government issued consumption vouchers.
Analyst : Lun Sheung Nim (CEO, GEO Securities Limited)
The Hong Kong market opened lower on Monday. Hang Seng index lost 64 points. H share index lost 34 points and technology index lost 25 points. HSBC rose 2.1% for 37-point gain to lead the blue chips. On the contrary, Alibaba lost 1.4% for 24-point loss. AIA lost 1% for 16-point loss. Technology stocks fell. JD lost 1.83% and Naidu lost 1.54% to lead the losers. A shares opened up 1 point. The market fell further after opening as Hang Seng index lost more than 100 points. Alibaba lost 1.5% for 25-point loss. Tencent lost 1.15% for 18-point loss. AIA lost 0.9% for 14-point loss. However, HSBC rose 2.34% for 42-point gain. China Mobile rose 1.7% for 11-point gain. Xinyi Solar lost 3.1% to become the top loser. Mainland developers fell. Country Garden lost 2.1%. CG Services lost 2%. China Overseas Land lost 1.7%. Longfor lost 1.6%. However, the market rebounded from low level as A shares rose. Hong Kong market turned from loss to gain. Chow Tai Fook benefited from upgrade. Share price rose 5% to lead the blue chips. OOIL rose 3.35%. SMIC rose 3.3%. Auto shares rose. Geely rose 2.56%. Li Auto rose 2.9%. XPeng announced cutting cost by 50%. Share price rose 7%. Nio rose 3.76%. Shanghai composite index closed the morning up 31 points. Hang Seng index reached a low of 20299 points, down 140 points and reached a high of 20560, up 121 points. Hang Seng index closed up 110 points, H share index up 31 points and technology index up 22 points. Turnover was $60.6 billion.

The market maintained its momentum in the afternoon, as Hang Seng index rose more than 100 points. HSBC rose 3.4% for 62-point gain. HSBC announced that it would not proceed to sell its French subsidiary, which would result in $2.2 billion in write-back. China Mobile rose 3.96% for 30-point gain. Meituan rose 4.3% for 43-point gain. CCB rose 1.7% for 18-point gain. AIA rose 1.5% for 24-point gain. Ping An rose 3.1% for 19-point gain. Lenovo rose 5.65% to lead the gainers. Macau gaming stocks rose on improved consumer sentiment. Sands rose 3.3%. Galaxy rose 3.8%. Metal shares rose. China Hongqiao rose 4.7%. Chalco rose 5.2%. Jiangxi Copper rose 1.8%. MMG rose 8.6% as the Chilean Government cut mining taxes. Home appliances makers rose. Hi-sense rose 25.9%. TCL rose 3.86%. Haier rose 2.67%. Skyworth rose 2.5%. However, Anta Sports lost 3.7% for 10-point loss to top the losers. Lining lost 1.4%. Wuxi Biologics lost 1.92%. Sunny Optical lost 3.5%. Cement shares fell sharply. CNBM issued profit warning. Share price crashed 9.5%. Conch Cement lost 2.8%. CR Cement lost 2.3%. Shanghai composite index closed up 34 points. Hang Seng index reached a high of 30865 points, up 426 points, and closed up 343 points, H share index up 141 points and technology index up 89 points. Turnover was $136.6 billion.

Overnight, overseas markets were range bound. European markets were mixed. DAX lost 18 points and CAC lost 21 points. However, FTSE rose 7 points. US markets rose slightly. Dow Jones rose 100 points. S & P rose 15 points and Nasdaq rose 34 points. Hong Kong ADR’s lost 139 points. Night future lost 109 points. We expect the market to fall today.  
 
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